BTC - Rate Cut Scenarios
Hello traders,
Briefly I wanted to give my thoughts on what we might see develop with the price action of BTC today. No matter what I believe these rate cuts will lead to the continuation of the bull market in the macro structure but it is possible to have a short term pull back before.
We are viewing the CME chart as we still have a gap to the downside around $53,000-$54,000. It would be ideal to have price fill this level before breaking out of its multi month falling wedge. Based on the charts there are two main scenarios:
The first scenario is we get a pop to the upside to test the white trendline ($64,000-$65,000) and then maybe retrace one more time to fill the gap.
The second scenario is we get an initial drop to fill that gap which would put price somewhere between ($52,000-$54,000). Price would retest the green trendline or just fill the gap and then we continue the run to the upside.
We no longer have to worry about the downside risk as much once we see daily candles on the CME chart close above the orange line. Once we see a 3D candle close above $71,300 that will give us the confirmation of the next leg of the bull market starting.
Briefly I wanted to give my thoughts on what we might see develop with the price action of BTC today. No matter what I believe these rate cuts will lead to the continuation of the bull market in the macro structure but it is possible to have a short term pull back before.
We are viewing the CME chart as we still have a gap to the downside around $53,000-$54,000. It would be ideal to have price fill this level before breaking out of its multi month falling wedge. Based on the charts there are two main scenarios:
The first scenario is we get a pop to the upside to test the white trendline ($64,000-$65,000) and then maybe retrace one more time to fill the gap.
The second scenario is we get an initial drop to fill that gap which would put price somewhere between ($52,000-$54,000). Price would retest the green trendline or just fill the gap and then we continue the run to the upside.
We no longer have to worry about the downside risk as much once we see daily candles on the CME chart close above the orange line. Once we see a 3D candle close above $71,300 that will give us the confirmation of the next leg of the bull market starting.
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